Sending Money Online Instantly - Is it Possible?

If you have an urgent payment to make - either at home or overseas, you’ll be looking for a smart way to send money online instantly. This guide covers the options and a few providers for both local and international transfers which can be done instantly - or at least in minutes or hours rather than days.

Pretty much all providers - even those whose entire business model is based on being able to offer instant transfers - will add a note in the small print that says things sometimes go wrong. There are a few reasons that might happen. Maybe you’ve given the recipient’s details incorrectly. Perhaps the recipient doesn’t yet have an account with your chosen payment provider, and they need to get verified to collect their payment. Or, your bank or transfer service might need to check details or get documents from you to proceed.

If you’re sending money internationally there are even more reasons that an instant payment might get held up. 

Sending cash for collecting overseas? Check the opening hours of the agent where your recipient will get their money. You’ll also want to check there are no local holidays which can slow progress. And if you’re sending money direct from one bank account to another, remember you may need to hit fixed cut off times to get a guaranteed service - out of hours, weekend and holiday payments are harder to speed along. 

Another important factor here is how you pay for your transfer. Presenting cash to an agent means they can immediately verify the payment and get it on the way. Using a credit or debit card is also fairly instant. 

Using a bank transfer to cover the cost of your third party payment may slow it down, as the third party provider needs to wait for your own bank to send them the money before they can transfer it to your recipient.

This very much depends on the payment you’re making. Local transfers using online services are often free and fast - at least for people who already have accounts. International payments tend to be more expensive if you want to get the money to where it’s going as fast as possible. Read on for more on the options for sending money overseas instantly.

There are ways to send money online instantly - but some will involve you paying a higher fee compared to slower services. 

It makes a big difference whether you’re sending money domestically or internationally. 

For domestic payments you can sign up to a service like PayPal or Venmo to send payments pretty much right away. However, these only work when your recipient has an account already. If they don’t have PayPal yet, for example, they’ll get an email saying that there’s money there for them - and will need to follow a link to sign up and create an account.

If you’re sending money internationally you can usually access instant payments by sending it cash for collection. Other options for international payments include selecting a third party service which has fast payments overall, or for your specific currency route. Many providers give you an estimated arrival time for your transfer before you confirm it - so by checking out a few you might get lucky.

Let’s dive into the options for sending money internationally fast. You could try to arrange a payment with your bank, or choose a third party provider which might have a better range of payment options. International payment specialists often let you send money to a bank account, mobile money account or in cash. 

Sending to a mobile money account or for cash collection can be fairly fast - and depending on the currency route, specialists can often move payments direct to a bank account far quicker than a regular bank, too.

Most banks are simply not set up to move money abroad instantly. They’re handling huge volumes of diverse transaction types, so have processes set up to manage that complexity - rather than offering a niche instant transfer service.

Check with your bank whether instant transfers are available. It’s unusual, but on transfers using major currency routes, especially to another account held by the same organization, it may be worth a try. Don’t forget to take a look at the costs here - you may find you pay a premium fee for faster processing, and the exchange rate might not be the best out there.

The best way to send money internationally will depend on where you’re sending to, and the specific service you need. Check out a few providers to find the right one for you. Here are some to start you off: